MLL325 Study Guide - Final Guide: Misfeasance, Classic Case, Consideration

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What is the assurance fund/state guarantee of title: until 1982 the transfer of land act 1958 (vic) incorporated a separate assurance fund. The fund was abolished by the public account (trust funds) act 1982. Since that time the assurance scheme has been supported by the consolidated revenue fund. Although contributions in most cases are no longer collected (specific payments continue to be levied for certain types of transactions) and. A proportion of general fees is normally set aside from consolidated revenue as an insurance contribution by the registry. Regardless of whether land is transferred under a torrens system or a deeds system, the holder of an interest in land can suffer loss from the application of the relevant land laws. Compensation for those suffering loss or deprivation of title in these circumstances was introduced by the state in order to underpin the integrity of the torrens system.

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